International law firm Trowers & Hamlins advised Oman International Development and Investment Company S.A.O.G. (Ominvest) on the issuance of up to OMR 13,367,308.500 mandatory convertible bonds.
The purpose of the issuance is to distribute dividends to Ominvest's shareholders following Ominvest’s robust performance, financial and liquidity position. Ominvest's board of directors has proposed a forty per cent (40%) dividend distribution amounting to OMR 26,734,617 for year 2023, comprising: (a) cash dividends equivalent to 20 baisa per share, amounting to OMR 13,367,308.500; and (b) non-cash dividends in the form of the bonds of 100 baisa each amounting to OMR 13,367,308.500.
The bonds will be admitted to trading by the Muscat Stock Exchange on the Bonds and Sukuk Market, with a fixed interest rate of 6.5% per annum.
Ubhar Capital S.A.O.C. acted as the issue manager to the issue, and Trowers & Hamlins advised as transaction counsel on all aspects of the issuance. The Trowers team was led by Partner and Head of the International Banking and Finance, Salman Ahmed with support from Phoebe Lim, Maximilian Spies-Majewski, Rashi Jain, Aida Al Jahdhami and Reem Al Mahrizi (Associates), AlShaima Al Hinai and Janki Sheth (Trainee Solicitors).
Salman Ahmed, Partner and Head of the International Banking and Capital Markets practice in Trowers & Hamlins, Oman commented:
"We are delighted to have advised our long-standing client Ominvest and U-Cap on another landmark capital markets transaction in Oman. This is the first convertible issuance of this type by a corporate in Oman. This issuance showcases our ability to deliver swift and pragmatic solutions for our clients in Oman. We also thank the FSA for their continued support. We look forward to supporting the Ominvest team in near future."
